Econ 190 Microeconomics Study Guide Test II Things you will need to explain: Marginal Utility Total utility Budget constraints Costs Implicit Explicit Fixed Variable Total Average Variable Marginal...

Econ 190 Microeconomics
Study Guide
Test II
Things you will need to explain: Marginal Utility Total utility Budget constraints Costs
Implicit Explicit Fixed Variable Total Average Variable Marginal
Law of diminishing returns Marginal product Economies of scale Perfect Competition Monopolistic Competition Oligopoly Monopoly With respect to: Number of firms Ease of entry Type of product Profit Maximization Long Run Profits Pricing Level of production Efficiency Game Theory Demand for resources Labor supply Labor demand Wages




Econ 190 Microeconomics Study Guide Test II Things you will need to explain: Marginal Utility Total utility Budget constraints Costs Implicit Explicit Fixed Variable Total Average Variable Marginal Law of diminishing returns Marginal product Economies of scale Perfect Competition Monopolistic Competition Oligopoly Monopoly With respect to: Number of firms Ease of entry Type of product Profit Maximization Long Run Profits Pricing Level of production Efficiency Game Theory Demand for resources Labor supply Labor demand Wages